It’s no secret that the rest of the world, especially our European neighbours, view the British as binge drinkers and lager louts, but some number crunching by Hargreaves Lansdown has revealed how the nation’s boozy Brits could boost their pension income.

New data from the Office for National Statistics has shed more light on the nation’s drinking habits, with an estimated 29.2 million people estimated to drink weekly. In particular, those approaching retirement, aged 45-64, are the least likely to be teetotal.

At the time the survey was done, two thirds of those aged 45-64 and living with another drank in the last week, with 57 per cent of those who live by themselves enjoying a glass of alcohol in the last week. In comparison, less than half of those aged 16-24 drank in the last week, irrespective of whether they live alone or with another.

Hargreaves Lansdown senior pension analyst Nathan Long has crunched the numbers to see how the amount of alcohol a person drinks has on annuity income. The most prolific drinker, putting away 24 pints a week, will boost the pay-out for a 65 year old with a £100,000 pot by £279 each year, jumping from an annual income from £5,471 to £5,750. However, with an average price of £3.60 per pint in the UK, this increase would only allow a person to keep raising a glass for just over three weeks.

Less frequent imbibers can still enhance their pension pay-out; drinking 3 bottles of wine a week gives a £96 annual income increase, with a £29 boost for those drinking as little as 6 pints per week. Health conditions that can be linked to alcohol consumption can ensure even higher pension incomes. Whilst someone aged 65 and a £100,000 pension who quaffs three bottles of wine a week might receive £5,567 per year, the combination of high blood pressure, high cholesterol and being overweight can boost the pay-out to £5,912.

Long said: “Whilst older members of society may not cheer their hangovers worsening with age, they may raise a glass to the fact their boozy habits could give them a higher retirement income. Annuities are a way of turning your pension into a guaranteed income for life, and providers actually give you a higher income based on certain health and lifestyle conditions, which includes drinking.

“Even small levels of drinking boosts pension pay-outs, so it pays to disclose all of your health information as ultimately they are not expecting you to live quite as long. Use an annuity broker to help you select the provider that will maximise your income.”

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